US President Donald J. Trump declares a national emergency due to the COVID-19 coronavirus pandemic, in the Rose Garden of the White House, in Washington, DC, United States on March 13, 2020.President Donald Trump applauded the Federal Reserve's move to slash interest rates because of the coronavirus pandemic slowing down the economy and wreaking havoc on the financial markets.
"It makes me very happy," Trump said Sunday evening from a press conference on the coronavirus at the White House. "I want to congratulate the Federal Reserve...They did it in one step... I think that people in the markets should be very thrilled."and launched a massive $700 billion quantitative easing program to offset the negative impact from the coronavirus.
"The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States," the Fed said in a statement. The Fed also slashed the rate of emergency lending at the discount window for banks by 125 bps to 0.25%, and lengthened the term of loans to 90 days.
The stock market tumbled into a bear market, or down more than 20% from their recent highs, last week as the coronavirus outbreak disrupted global supply chains and fueled fears of a recession.for exclusive insights and analysis, and live business day programming from around the world.
'The Fed brought a huge water cannon to a 5-alarm fire with it's liquidity moves. It is up to fiscal policy and the executive branch [that's you realDonaldTrump] to finish the job and put the fire entirely out. John Donaldson to DJIA CoronavirusOutbreak
So explain to me how does zero interest rates do a damn thing for me? I run a small construction company I can’t work because we are all trying to stay away from each other so I have no income at the moment. The interest rates on my loans are all the same and the payments are due
Trump stupidity forced a panic on Powell to go zero immediately, should have stage the reduction and keep some ammunition for later. No nothing left but keep playing repo until when?
I am thrilled to look at my 401k. It’s just great 😐
Does this apply for mortgage rates?
Dow opens down 2,250
TomFlowers Flash forward to Monday morning - uh at thirty seconds into the trading day and the markets are down 9% and trading is halted. I guess they weren't so thrilled.
This will not save the stock market...only the wealthy can do this...again another rich bonus....
Don the con is so far removed from the average American’s life
REMINDER: First case of coronavirus in US was Jan 20. Trump was asked on Jan 22 on CNBC about virus and said 'We have it totally under control...it's going to be just fine.' How did we go from 'under control' to where we are? Trump's incompetence. He failed us coronapocolypse
We are not..
Hey, all you tRumpers, how’s your 401ks doing this morning? I think your boy has to take some responsibility here. He forced the feds to drop the interest rate!!
Hey tRump....how did that “lower the interest rate” go on Wall Street? What next boy jenius? Can you say oops?
You can't bring it with you.
Thrilled.....like Christmas lingerie thrilled. Donald Dump always picks the best, I mean, worst words. His command of English is truly pathetic.
The people need to see a turn around in the pandemic before the panic gets out of control. If people just avoid other people. Spend time with their families, things would probably turn around. Quarantine centers should've been center up in each borough of NYC. stopthespread
I guess markets will hardly recognise the effect of interest rates and liquidity. They may help, but the predominant reaction will be driven by fear, panic, and cutting losses.
Fed Chairman yells fire in crowded theater.
So should Trump and Kushner’s because their Russia / Deutsche Bank loans just got a little cheaper.
He’s not very good at this whole stockmarket thing...
I D I O T
Oh, he gets finance now? Mr. Bankruptcy? Interest rates down, stocks go up. Duh. In NORMAL times. Other than that, he is no Roosevelt, any of them, Theodore, Franklin Delano or Eleanor. He has no idea how to stimulate an economy in a recession. And he's on antivirals, IMHO.
he doesn't understand the stock market much. Futures are locked out already...it's gonna crash again in the morning.
I am!!!!
Rate cuts does not only benefit the investors but keeps companies afloat. It Increases liquidity and spending. This helps companies keep their employees from getting laid off. You hate Trump for whatever reason but do not be mistaken that a ratecut is a bad thing especially now.
All relative no guarantees in a stock market. They tend to be more realistic that the president 🤡🤡🤡
Trump owns the Fed. Powell is simply a puppet.
They are thrilled
He wants to refinance the debt for this country. I wonder when you will see. All of this is US born. We wanted to send the Chinese economy spiralingwe. A better market by which we can lower our debt burden and total would crush them. We will lose less than they did. We win!
I just went - 280 bucks a month thanks asshole
Now we’re lock limit down in Futures tonight.... sounds like it didn’t work.
Wow! POTUS Trumpism resulted in major economic decline globally. Sad.
Yeah...thrilled. 😐
Yes! thank god we took care of investors! The entirebcountrybhas been sitting around worried about what the investors will do. The real crisis is the stock market Fuck the fact we are completely unprepared for emergencies like this Save Wallstreet!
He's been wanting them to do this for a while now.
Futures tanking. Looking more and more like 2008
What a scumbag
Everyone is thrilled, the Dow Futures are down over 1200 points
Futures went lock limit down 5 minutes after open. Bet opening bell hits the circuit breaker in the morning 15 minutes. This could get bloody.
They won’t be. Too little too late, moron.
realDonaldTrump You’ve got the reverse Midas touch.
They didn’t have a choice the way the clown was going off!
great for the shelf stocker at the store. i am sure they are checking out their stock portfolio.
Markets up slightly at tomorrow’s open. By Tuesday, long forgotten
Do I get toilet paper from this?
If I refinance my home now, would it make a big difference. Serious question.✌
This move only causes panic. No more arrows now...
Threatened Powell's job...
dont bitch, educate yourself instead.
Democrats always lose.
He cares more about the investors than the American people....
Not really... Fed sending a signal they are panicking... ?
🤡
He’s still not going to get re-elected.
Trump threatens the fed chair!
Sorry Donald, not looking good at the moment. realDonaldTrump, being a leader is required.
Will this drop effect mortgage rates; 30 yr. fixed, 15 yr fixed
He probably only came out to the briefing to gloat over this. He was positively giddy. All that matters to him is the economy.
according to the futures, were not
liquidity trap incoming
Whatever helps him financially he is happy and telling his sons to go buy up as much as real estate as they can.
Yes, investors shorting the Dow are thrilled. Futures down 1,000 points already.
😂😂😂 'thrilled'
NO👏 ONE👏 SHOULD👏 BE👏 THRILLED👏 BY👏 A👏 GLOBAL👏PANDEMIC👏! 🤮🤮🤮
Joke why did the banker quit his job? He lost interest U SO FUNNY !
MadMoneyOnCNBC IceAgeFarmer Better printout, download, get assets verified on hard copy because Kansas is about to go bye bye. A blues clue?
LOL 😂 😂 the futures are getting smoked on that news
Retirees now earn nothing on their savings u r asking them to bet on this volatile market? US nominal rate will go negative(real rate already was). EU has proved that this doesn’t work. Issue debt print money to buy back. Fiscal conservatives should be disgusted realDonaldTrump
The briefing was supposed to be about the virus and he started with the drop in interest rates. He spoke for over 5 minutes and not a mention about testing. Testing still seems to be lacking.The public deserves to hear the truth about the testing and the virus.
He only sees this as a financial problem - money - that’s all
NATIONAL DEBT? INFLATION?
Thank God rich people won’t lose more money. They may lose loved ones — but phew 😅 money will come back. Praise God.
Very good move as the investors are the ones truly suffering in this pandemic
🤷🏻♂️🤦
Powell is a lackey who is out of his depth in the job as fed
POTUS im not thrilled.
Trump cares much more about his personal $ than people. That is pretty obvious from each decision he makes. He's one sick puppy!
The tail wagging the dog again.
What about your people?
What about the other half of the country who are not investors ? realDonaldTrump
When is he going to help people who work for a living instead of those living off of people's work?
Markets will fly. realDonaldTrump did it! Have to make sure he is re elected. SenateGOP TheDemocrats
And we arent on a real emergency yet . . . No munition to rescue the economy later
Some huge hedge fund must be in major trouble! This fed action is ridiculous! This better work or you’ll have to close the markets!
Our stock market feels like a Pump and Dump penny stock scam
If you have tons of loans on properties like realDonaldTrump, I would be very thrilled...the stock market is a roller coaster right now with no end in sight...
The market’s are going to plunge with his guy in charge.
So if Cramer was worried about the sudden 50 point drop 2 weeks ago, what does he think of this?
This guy’s understanding of the economy is close to the interest rate: zero.
it is not good time for an economy incentive！ President should focus on how to reduce coronavirus death
He doesn't give a fck about people's lives
Now companies can do more buybacks and CEOs can get rewarded for it while the rest of us have to pay higher prices or inflated items.
currency manipulation....the US is trying to artificially lower the dollar so that it can compete with the Chinese currency ...This will make it the new factory of the world as more goods can be produced cheaply...Trump is certainly taking advantage of Corona virus outbreak
What tools Fed or Trump have left to combat future fall....? Stock market is dictating Fed, not real economy...
Unbelievable. He truly only cares about money when people are dying and we are facing a human crisis.
Why should retirees relying on bond income be thrilled? Oh, yeah. If we sell early we get a capital value bump. But most of us would prefer an income stream that keeps up with inflation.
100% sure he and his family will be borrowing all over the place. This is what he’s wanted all along.
Yeah because you can take your money with you when you die......right?
So it makes the Economy’s short term Numbers look better temporarily, but the ensuing Recession lasts longer & harsher because the two major tools to fight it are 1) lower the Interest Rate (from 1/2%) & 2) use a Stimulus Package to jumpstart the Economy (with a -$23B deficit)?
Wage earners, not so much
Why do I get the feeling he only cares about his re-election. TrumpIsAnIdiot
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Hopefully investors tank the market, let Trump supporters baghold this gigantic ponzi scheme of refuse you've helped enable.
Can you imagine if the Fed listened to Trump to reduce interest rates to 0% many months ago. They would have no ammunition now. The Fed is obviously more wise than Trump.
Is this going to help all the workers from pilots to bartenders who may have just lost their jobs? Please what about the low income and middle class who dont really invest in the markets?!
Trump's delusion that he can talk the markets up is actually amusing.
this is called Socialism for the elite
It’s all about what makes him look good. What a pathetic man.
Unless you depend upon interest income to supplement a pension....
WTF ?!? This will have unintended consequences ...
Investors yes, what about the thousands already getting laid off on the Las Vegas strip?
Great, but what about working class Americans?
Narrator: “They weren’t thrilled...at all”
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